CUSTOMERS
ARE MOST IMPORTANT VISITORS IN OUR PREMISES THEY ARE NOT
DEPENDENT ON US WE ARE DEPENDENT ON THEM. WE ARE DETERMINED
TO SERVE THEM IN PARTICULAR AND OUR COMMUNITY AS A WHOLE IN
GENERAL WITH SMILE TO THEIR UTMOST SATISFACTIONTHROUGH COOPERATIVES

TYPES
OF DEPOSIT ACCOUNTS

The Deposit
Products offered by the bank are broadly categorised in the
following types.

1. Savings
Bank Account
2. Current Account
3. Term Deposits

ACCOUNT
OPENING AND OPERATION OF DEPOSIT ACCOUNTS

Savings
Bank Account: -

Savings
Bank account as the very name suggests is intended for
savings for the future. There are no restrictions on the
number and amount of deposit that can be made on any day.
Minimum amount of withdrawal / deposit is Rs.10/-. Balance
in the account earns interest at rates advised by the Head
Office from time to time. The facility of withdrawal by
cheque is also allowed subject to certain restrictions.
These accounts can be opened by eligible persons and also
certain organisations and agencies (as approved by the RBI).

As
required by Law, while opening the account, we will satisfy
ourselves about the identity, including verification of
address of a person/s seeking to open an account, to assist
in protecting the prospective customers, members of the
public and ourselves against fraud and other misuse of the
Banking system duly observing the Know your customer (KYC)
guidelines of RBI.


The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.


The bank is required to obtain 2 recent photographs of the
person/s opening the account.


The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account.


The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction. Documents normally accepted are the current
Gas/Telephone/Electricity Bill or voter's identity card or
driving license or pass port or Ration card etc.


The account holder is required to maintain minimum balance
in the account, as specified by the Bank from time to time.
Bank has discretion to change the above norms and levy
charges for non-compliance of the same. However, adequate
notice will be given informing the change/s. Interest as
prescribed by RBI is paid on half yearly basis on minimum
balance between the 10 th day and last day of the month,
provided it works out minimum Re.1.


Issue of cheque book is subject to satisfactory operation in
the account. However issue of multiple Cheque books is the
discretion of the Branch Manager and subject to charges.


Cheques, Dividend warrants drawn in the name of account
holder/s will only be collected through the account. (Financial instruments endorsed in favour of the account
holder/s will not be collected through SB account.)


Pass book is provided to customer and updated periodically.

Current
Account: -

Current
Accounts are designed to meet the needs of such sections of
the public who operate their account regularly and
frequently. i.e. Traders, Businessmen, Corporate bodies or
the like who receive money and make payments very often.
Current accounts are suitable to such category of customers
as there are no restriction on the number of withdrawal or
deposit. Current accounts can be opened by individuals,
partnership firms, Private & Public Ltd Co., HUFs, /
Specified associates, Societies, Trusts, etc.

As
required by law, while opening the account, we will satisfy
ourselves about the identity, including verification of
address of the person/s seeking to open an account to assist
in protecting the prospective customers, public and
ourselves against fraud and other misuse of the Banking
system duly observing the KYC guidelines of RBI.


The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.


The Bank is required to obtain 2 photographs of all the
person/s who is opening and operating the account.


The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account (i.e. including partners or registered /
unregistered partnership as also registered / incorporate
bodies / companies).


The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction. Minimum Balance as stipulated from time to
time is required to be maintained by the customers.


No interest is paid on credit balance kept in Current
Account.


Service charges are levied for ;

1.Cheque books issued

2.Non-maintenance of minimum balance

3.Return of cheques, etc


The applicant (i.e.account opener) should declare in the
account opening form or separately that he is not enjoying
any credit facility with any bank and if he does enjoy any
facility/ies he should declare full particulars thereof
indicating the name of the bank, branch where from he has
availed these facilities and also submit no objection
certificate from financing bank/institution.


Statement of account is provided to the account holder
monthly or more frequently as per the arrangement.


Stop Payment facility  The bank will accept stop payment
instructions from the depositors in respect of cheques
issued by them (subject to maintenance of required balance).
Charges as specified will be recovered.

Term
Deposit Account:

The
deposits received by the bank for a fixed period
withdrawable after the expiry of the fixed period and
includes deposits such as Recurring / Fixed /Term etc.

Term
Deposits can be opened by individuals, partnership firms,
Private / Public Ltd Co.s, HUFs,/
Institutions/Societies/Trusts etc.

As
required by law, while opening the account we will satisfy
ourselves about the identity, including verification of
address of the person/s seeking to open an account to assist
in protecting the prospective customers, public and
ourselves against fraud and other misuse of the Banking
system duly observing the KYC guidelines of RBI.


The Bank requires satisfactory introduction of the person/s
opening the account by a person acceptable to the bank.


The Bank is required to obtain 2 photographs of all the
person/s who is opening and operating the acount.


The bank is required to obtain permanent account number
(PAN) or General Index Register (GIR) number or
alternatively obtain declaration in form no.60 or 61 as per
the income Tax Act (Vide Section 139-A) from the person/s
opening the account.


The Bank will provide to the prospective customers details
of the documents required for identification of the person/s
opening the account in addition to a satisfactory
introduction by Persons & entities already having operative
accounts such as SB, current account etc. need not provide
the above documents for opening of the Term Deposit
accounts.


Premature withdrawals are allowed unless specified
otherwise, at the rate of interest applicable for the period
for which the deposit has run ruling on the date of deposits
, subject to penalty if any prescribed by the bank.


Premature extension / renewal of term deposit 

In
case the depositor desires to renew the deposit by seeking
premature closure of an existing term deposit, the bank will
permit the renewal at the applicable rate on the date of
renewal, provided the deposit has run for a minimum period
of 15 days and is renewed for a period longer than the
balance period of the original deposit. While prematurely
closing a deposit for the purpose of renewal, interest on
the deposit for the period it has remained with the bank
will be paid at the rate applicable to the period remained
with the bank and not the contracted rate.


Generally loans / overdrafts against deposits are allowed
except on Certificate of Deposit (CD). Such loans are
sanctioned by charging interest at rates announced from time
to time by the bank. The bank may also consider loan against
deposit standing in the name of minor. However, a suitable
declaration stating that loan is for the benefit of the
minor is to be submitted by the depositor applicant.


Deposits are renewed by the bank on due dates on request.
Wherever the depositor has executed the option of automatic
renewal in the account opening form, the bank may renew the
deposit until the instructions are revoked in writing. The
bank intimates the depositor in advance regarding the date
of maturity.


Interest on deposit is payable either monthly or quarterly or half yearly.


Renewal of overdue Term Deposits:- When a term deposit is
renewed on maturity, on renewed deposit interest rate for
the period specified by the depositor as applicable on the
date of maturity would be extended. If request for renewal
is received after the date of maturity, such overdue deposit
will be renewed with effect from the date of maturity at the
interest rate applicable as on the due date, provided such
request is received within 14 days from the date of
maturity. In respect of deposits renewed after 14 days from
the date of maturity, the deposits will be renewed from the
date of maturity for the period requested applying the rate
of interest ruling on the date of maturity or on the date of
renewal whichever is lower, subject to renewal for a period
not less than 15 days from the date of renewal.


Interest on overdue deposit is paid if the deposit is
renewed, as decided by the bank from time to time.


Interest on bank deposits is exempt from Income Tax up to a
limit specified by Income Tax authorities from time to time.


Presently, if the total interest on deposits, per depositor
per branch per financial year exceeds Rs.10000/-, the same is
subject to Tax deducted at source (TDS) at the rate
stipulated by the Income Tax authorities.


The depositor may furnish declaration in form No.15-G/ 15-H
preferably at the commencement of the financial year for
receiving interest on deposits without deduction of tax.


The Bank will issue TDS certificate for the tax deducted.


Interest payable on the
deposit of a deceased depositor

1.Where the amount of deposit is claimed before
maturity by premature closure:

i.Where claimant is non-resident:

a.Where the deposit has not completed the
minimum period of deposit, i.e., 1 year, no interest is
payable.

b.Where the deposit has completed the minimum
period of deposit, interest is payable at the rate of
interest applicable for the period run as prevailing on the
effective date of deposit, WITHOUT PENAL CUT.

ii.Where claimant is resident:
As in 1 (i) above.

2.Where the amount of deposit is claimed during
the tenure of the deposit, but settlement is made after the
maturity date.

i.Where the claimant is non-resident:
Interest is payable at the contracted rate till the date of
maturity. For the period from the date of maturity till the
date of payment, simple interest is payable at the
applicable interest rate for FCNR (B) deposits as prevailing
on the date of maturity for the period for which the deposit
remained with the bank beyond the date of maturity.

ii.Where the claimant is resident:
Branch will convert the maturity proceeds into Indian Rupees
on the maturity date. Interest on such Rupee amount is
payable for the subsequent period form the date of maturity
till the date of payment at a rate as applicable to domestic
deposit of similar maturity.

3.Where the amount of deposit is claimed after
maturity date:

i.Where the claimant is non-resident:
As in 2 (i) above

ii.Where the claimant is resident:
The foreign currency deposit proceeds will be first
notionally converted into Rupees and on such Rupee amount,
interest is payable for the subsequent period from the date
of maturity till the date of payment at a rate as applicable
to domestic deposit of similar maturity.

6.
Addition or deletion of name/s of joint account holders

At
the request of the joint account holders addition / deletion
of name/s is permissible at the specific request of the
depositor and all the depositors in case of joint
accounts.

NOMINATION


Nomination facility is available for all deposit accounts
opened by the individuals.


Nomination facility is also available to a sole
proprietorship account.


Nomination can be made in favour of one individual only.


Nomination so made can be cancelled or changed by the
account holder/s any time.


Nomination can be made in favour of minor also for which
date of birth of the minor and full details of the guardian
is to be furnished.


Bank recommends that all the depositors avail nomination
facility. The nominee in the event of death of the
depositor/s could receive the balance outstanding in the
account as a trustee of legal heirs.

INSURANCE
COVER FOR DEPOSITS

All
bank deposits are covered under the Insurance Scheme of
Deposit and Credit Guarantee Corporation of India (DICGC)
subject to certain limits and conditions.

GENERAL

JOINT
ACCOUNTS:

Deposit
accounts can be opened by an individual in his own name or
by more than one individual subject to maximum of four
persons, known as joint account. SB account can be opened by
a minor jointly with natural guardian or with mother as
guardian.

Operations
of Joint account :

The
joint account opened by more than one individual subject to
a maximum of 4 persons can be operated by single individual
or by more than one individual jointly. The mandate for
operating the account can be modified with the consent of
all the joint account holders. In case of SB account opened
by minor jointly with the natural guardian the operation is
by the natural guardian only.

Transfer
of accounts:

Current
Account, SB, Term Deposits may be transferred from one
branch to another branch within the bank at the request of
the account holders subject to certain conditions.

Addition
of names :

The
Bank may at the request of the depositor/s allow addition of
name/s subject to the condition that the total number of
depositors does not exceed four in case of both the SB, CA
& Term deposits. Deletions in name/s of depositor/s is
also permitted, subject to the condition that one of the
original depositors should continue to be a depositor.

Change
in Rate of Interest:

The
rate of interest on deposits will be prominently displayed
in the branch premises apart from placing the same on our
bank's website.

The
changes if any with regard to the deposit schemes and other
related services, shall also be communicated upfront and
shall be prominently displayed. The same may also be
published in newspaper.

Customer
Information:

The
customer information collected from the customers shall not
be used for cross selling of services/ products by the bank,
subsidiaries & affiliates. If the bank proposes to use
such information, it shall be with the consent of the
account holder/s.

Secrecy
of the customer accounts:

The
Bank shall not disclose details / particulars of the
customers' accounts to a third person or party without the
express or implied consent from the customer. However, there
are some exceptions viz. Disclosure of information under
compulsion of law, where there is a duty towards the public
to disclose and where interest of the bank requires
disclosure.

Inoperative
accounts:

SB
& CA accounts in which there are no operations for a
period of 2 years and above from the date of last operation,
except by way of any charges debited, or interest
debited/credited will be treated as inoperative account.
Service charges are levied to inoperative account.
Depositor/s can revive the account. In case the balance is
less than Rs.20/- account will be closed if there is no
response from the depositor to the notice sent by the bank.

SPECIAL
TYPES OF ACCOUNTS

Minor accounts:

Minor
accounts represented by the guardian:

According
to the Indian majority act read with the Guardions &
Wards Act,1890, a minor is one who has not
completed 18 years of age, but in case of minor whose
guardian is appointed by the Court, he /she remains minor up
to the age of 21 years. In terms of Indian contract Act, the
contracting parties should be major necessarily for the
validity of the contracts. Hence, any contract with the
minor is void ab-initio. Since the opening of the account
forms contractual obligation between banker & customer,
savings bank account in the individual capacity of the minor
will not be opened. However there are exceptions to this
rule.

Accounts
in the name of minor himself:

SB
accounts may be opened & operated by the minor himself
for reasonable amounts, provided he has attained the age of
14 years and a literate. No cheque book will be issued to
him.

Accounts
in the name of students above the age of 12 years:

In
branches/ extension counters which are situated within the
campus of the Educational Institutions, a minor student who
has attained the age of 12 years and who is studying in the
Education Institution, opening of SB account will be
considered.

Accounts
of illiterate persons:

The
Bank may at its discretion, open accounts of illiterate
persons, after observing formalities for opening such
accounts. No cheque book facility is provided for such
accounts.

Accounts
of Blind persons:

The
Bank may at its discretion open deposit account in the name
of blind person after observing all the formalities of the
Bank for opening and operation of such accounts. Branch
Manager at his discretion may issue cheque book with certain
restrictions.

Repayment
under Joint Deposits:

The joint
account holder can give any of the following mandates for
disposal of balance in the account.

1.Either or survivor

2.No.1 or survivor

3.Jointly

Either or survivor :
The Bank will be making payment
of the maturity proceeds to the surviving depositor who
presents the deposit receipt and furnishes the proper
discharge without reference to the other depositor as well
as to the legal heirs of the deceased depositor.

No.1 or survivor :
If no.1 is not alive on the date of maturity the bank will
be making payment to the survivor without reference to the
legal heirs of no.1. If No.1 dies after maturity, the claim
will be settled in favour of the survivor subject to
production of a notarised indemnity for indemnifying the
bank in case of the claim from legal heirs of the No.1.Payable jointly :
If one or more of the depositor
dies on or after maturity, the amount will be paid jointly
to the surviving depositors along with the legal heirs of
the deceased depositor.

SETTLEMENT
OF DUES IN THE DECEASED DEPOSITORS ACCOUNT


If the depositor has registered nomination with the bank,
the balance outstanding in the account of the deceased
depositor will be settled in favour of the nominee after the
bank is satisfied about the identity of the nominee.


The bank may not insist on succession certificate from the
Legal heirs irrespective of the amount involved. However,
the bank may adopt such safe guards in considering
settlement of claims as appropriate including obtention of
indemnity.


In the absence of nomination and where there are no disputes
among the claimants, the bank will settle the claim in
respect of the deceased person to his/ her legal heir after
observing all the formalities.


In the case of NRE deposit where the claimant/s are
residents, the deposit on maturity will be treated as
domestic deposit and interest will be paid for the
subsequent period at a rate applicable to the domestic
deposit of a similar maturity.


Payment of interest : -

i.In respect of the deposit of the deceased
closed before maturity and repaid to the legal heirs /
representatives of the deceased depositor, interest is
payable at the rate applicable for the period for which the
deposit actually remained with the bank without any penal
cut.

ii.In the event of the death of the depositor
before the date of the maturity of the deposit and the
amount of the deposit is claimed after the date of maturity,
the bank shall pay interest at the contracted rate till the
date of maturity. From the date of maturity till the date of
payment, the bank shall pay simple interest at the
applicable rate prevailing on the date of maturity, for the
period for which the deposit remained with the bank beyond
the date of maturity.

iii.In the case of death of the depositor after
the date of maturity the bank shall pay interest at SB rate
prevailing on the date of maturity from the date of maturity
till the date of payment.

SAFE
DEPOSIT LOCKERS

The
facility available at all branches andallotment of safe deposit locker will be subject to
availability and compliance with other terms &
conditions attached to the services. Safe deposit lockers
may be hired by an individual (not being a minor) singly or
jointly with another individual/s, HUFs, firms, Ltd. Co.,
associates, societies, trusts etc. Nomination facility is
available to individual/s holding the locker singly or
jointly. Joint locker holders can give mandate for access to
the locker in the event of death of one of the holders on
the line similar to those for deposit accounts. In the
absence of nomination or mandate for disposal of contents of
lockers, with a view to avoid hardship to common persons,
the bank will release the contents of locker to the legal
heirs against indemnity on the lines as applicable to
deposit accounts.

REDRESSAL
OF COMPLAINTS

To
enable the customers to voice their grievances or offer
suggestions for improvement in customer service,

In
case of any complaint, the matter may be first brought to
the notice of concerned Branch Manager for immediate
redresses. If the complaint is not redressed to the
satisfaction of the customer, the matter may be taken up
with the GM .

If
the complainant still feels unsatisfied with the responses
received, he can address his complaint to the High power
committee constituted by the Board called as GrievancesCell and settlement committee  to look in to all
such issues .
This committee meets once in week at our Pahar Ganj Branch
on every Monday between
4.45 PM to 8.00 PM

After
exhausting the above machinery/channels, if the customer is
not satisfied, he may write to Chairman or
Managing
Director of the Bank and even after this, if not satisfied
he is free to take recourse to the following:

meeting
the commitments and standards laid down by the
Board/RCS office/RBI.

-

making
sure our services meet relevant laws and regulations

-

adhering
to ethical principles of integrity and
transparency

Deal
with speed and concern in respect of errors/mistakes
by

-

correcting
mistakes quickly

-

handling
your complaints quickly

-

reversing
any bank charges that we apply by
mistake/oversight

Before
you become a depositor, we will:

-

give
you clear information explaining the key features of
the services you tell us or you are interested in.

-

give
you information on any type of account facility
which we offer and may suit your needs.

-

tell
you what information we need from you to prove your
identity and address and to comply with legal and
regulatory requirements, and once you have chosen an
account or service, we will tell you how it
works.

When
you open a single account or a joint account, we
will give you information on your rights and
responsibilities.

We
recommend that you avail nomination facility offered
on all deposit accounts, articles in safe custody
and safe deposit vaults.

We
will guide you how we will deal with deposits and
other assets held with us in the name of a deceased
person in the absence of nomination.

You
can find out about our interest rates by:

-

looking
at the notices in our branches

-

over
telephone from our branches

-

looking
on our website; or

When
you become a Depositor, we will give you information
on the interest rates which apply to your
accounts.

At
the time of opening of the account, we will inform
you of the rate at which interest is paid on your
savings deposits [presently, it is regulated by
Reserve Bank of
India
].

Upon
your becoming a depositor, we will give you upfront
details of any charges applicable to the services
chosen by you.

To
help you manage your account and check entries on
it, we will give you account statements at regular
intervals except in cases where Pass Books have been
provided.

We
will normally provide you with a statement
periodically as per our policy. You can ask us to
provide you with account statements more often than
is normally available on your type of account, but
there may be a charge for this service.

We
will pay interest on funds involved if collection is
delayed beyond the normal period as stipulated by
RBI.

We
will act upon mandates given by you for direct
debits (say ECS) and other standing
instructions.

If,
within a reasonable period after the entry has been
made on your statement there is a dispute about a
cheque paid from your account, we will give you the
cheque or a copy as evidence.

In
the event your cheque book, passbookhas been lost or stolen, or that someone else
knows your security information, we will, on your
notifying us, take immediate steps to try to prevent
these from being misused.

We
will treat all your personal information as private
and confidential [even when you are no longer a
customer]. We will not reveal transaction details of
your accounts to a third party, including entities
in our group, other than in the following four
exceptional cases when we are allowed to do.

-

If
we have to give the information by law.

-

If
there is duty to the public to reveal the
information\

-

If
our interests require us to give the information
[for example, to prevent fraud] but we will not use
this as a reason for giving information about you or
your accounts [including your name and address] to
anyone else, including other companies in our group,
for marketing purpose.

-

If
you ask us to reveal the information, or if we have
your permission to provide such information to our
group/associate/entities or companies when we have
tie-up arrangements for providing other financial
service products.

DEPOSITORS'
RIGHTS

depositors
are entitled to the following rights:


RIGHT TO INFORMATION

A
depositor will have right to information about charges,
quality and standard of the services
offered by the Bank to enable him / her to take an
independent decision.


RIGHT TO CHOOSE

A
depositor will have the absolute freedom to choose among the
various services offered by the Bank to suit
his / her requirements.


RIGHT TO AVAIL/UTILISE
THE PRODUCTS AND SERVICES

A
depositor will have the right to avail/utilise the services chosen by him / her without any
intervention / obstacle.


RIGHT TO BE HEARD AND
REDRESSAL OF GRIEVANCES

A
depositor will have the right to be heard and seek redressal
against deficient service / poor quality of
services, unfair Trade practices and unscrupulous
exploitation. This includes his/ her right to fair redressal
of any genuine grievance relating to services
which he /she has chosen to utilise.